$SPX Update for 06.28.2008

S&P 500 INDEX - $SPX

Monthly chart shows markedly increased selling pressure, as the index re-vists its March 2008 low. The market has put in a lower high in May 2008, and the March 2008 should be broken soon. We should be retracing the whole move up off the October 2002 low, and so the first target is the .618 fib area.

Weekly chart better shows the lower market structure high. No buy signal/pattern in place at this time. Look for continuation lower.

Daily chart shows down trendline remains in place, with the index below all its key moving averages. While the $INDU has already made a lower low, this index has not. Look for continued weakness and eventual lower low as well.